Senate Passes Bipartisan Budget Deal Rolling Back $63 Billion in Cuts
Intime Aims to Open 5 to 8 Beijing Stores in 5 Years, CFO Says
Intime Department Store Group Co., a Chinese retailer partly owned by private-equity firm Warburg Pincus LLC, plans to develop five to eight stores in Beijing over the next five years, Chief Financial Officer Yuan Fei said.
The stores will be developed along the Chinese capital’s subway network, Yuan said in a telephone interview today. The first outlet, located in the Dahongmen area in southern Beijing, is scheduled to open for business by the end of 2011, he said.
Beijing-based Intime, which opened its first outlet in Zhejiang province in 1998, has accelerated its expansion nationwide through acquisitions. It has agreed to pay more than $243 million for stakes in two shopping center operators in Hubei and Beijing in the past three months.
The company has budgeted to invest as much as 60 million yuan ($9 million) on the Dahongmen store, which will have a gross floor area of 50,000 square meters, Yuan said. Most of the money will be spent on decorating the building, he said.
“Investment amount is small because we will rent these places,” he said.
Intime’s Hong Kong-listed shares rose 2.7 percent to HK$11.36 as of the 12:30 p.m. trading break in the city after the South China Morning Post first reported its expansion plan.
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